Mahyudin Ahmad

MARA University of Technology | UiTM · Faculty of Business Management

Despite extensive finance-growth literature, the critical role of spatial interdependence between countries has often been overlooked. This paper addresses this gap by utilising spatial Durbin modelling on a 30-year panel dataset of 56 emerging economies, examining the spillover effects of financial development (FD) and institutions on economic gro...

This paper investigates the nexus between financial development (FD), institutions, and economic growth using a spatial autoregressive model on a panel dataset of 82 countries from 1990 to 2019. We measure the dependence between countries through geographical and institutional proximity. The latter has not been widely explored in the finance-growth...

This paper first proposes a theoretical framework outlining the links from the deep determinants of modern-day institutional environment towards the countries' economic performance, and second tests these links to find the evidence of the spatial spill over effects of institutional proximity on economic growth. Utilizing spatial fixed effects estim...

This article seeks to deepen our understanding of the globalisation–growth nexus as it extends the investigation to using a spatial econometric approach, hitherto rarely used in the globalisation literature. The objective of the article is to uncover not only the significant growth effects of globalisation but also its possible spillover effects on...

This paper extends the existing studies on institutions-growth nexus in two ways: firstly, it estimates a growth model that is spatially augmented to capture the countries’ dependence, and secondly it measures the countries’ dependence using a newly proposed concept called institutional proximity, in addition to the commonly used geography. Spatial...

The Association of Southeast Asian Nations (ASEAN) employs fossil fuel subsidies to promote economic development, although such action may have a negative effect on the environment. This study employs panel data analysis to examine whether ASEAN’s fossil fuel (oil, gas, coal, and electricity) subsidies decrease the consumer price index (CPI; Model...

There is ongoing concern over administrative performance among the different Malaysian states. Using panel data econometric approach, this paper investigates administrative scale effects and the determinants of administrative intensity in the thirteen states and three federal territories in Malaysia over the period 2005 to 2020. Our results indica...

This study will analyze the comparative use of Economic Stability Comparisons from the Consumption of Fossil and New and Sustainable Energy: Developed and Developing Countries in Asia, including developing countries Indonesia, Malaysia and Thailand and developed countries Japan, the United Arab Emirates and South Korea. This study uses a panel cros...

Most studies examining the demand and market size of international students in Malaysia are micro in nature. Therefore, this study was conducted to explore the macro factors that influence international enrolments in Malaysian public universities. The study combined the rate of return theory and the gravity model. A method used was panel data regre...

Global demand for cross-border higher education during the post-COVID-19 pandemic is currently escalating. This is further evidenced by the expected massive growth in both the number of tertiary students and the higher education market. Also, half of the cross-border demand is generated by tertiary students from the Asian continent. Thus, Malaysia...

Syariah banking system is one of the exciting research objects and has the potential to continue to be developed. Sharia banking is a new way out of banking. On a more macro level, the banking system affects banking performance on economic growth. Islamic banking is also stated to contribute better than conventional banking in achieving SDG points....

This article seeks to deepen our understanding of the globalisation-growth nexus as it extends the investigation to using a spatial econometric approach, hitherto rarely used in the globalisation literature. The objective of the article is to uncover not only the significant growth effects of globalisation but also its possible spillover effects on...

This volume showcases selected conference papers addressing the sustainable future of ASEAN from the perspectives of business and social science disciplines. In addressing the 17 Sustainable Developments Goals (SDGs) envisioned by the United Nations in the domains of environment, health and well-being, posing potential means of reducing inequalitie...

The literature has arrived at a consensus regarding the positive effects of institutions on growth. Nevertheless, many economists argue that a unified analytical framework of institutions-growth studies is still missing and more research needs to be done to fully operationalise the institutional effects in the empirical growth analysis. This paper...

In 2009, Malaysia was ranked as the world's 11 th higher education exporter. However, only 2% of international students enrolled in Malaysia for the same year. In addressing the problem, this research proposes an analysis of Malaysia's higher education demand from a macro perspective. This is important in getting a holistic view on the internationa...

This paper investigates the distributive effect of economic freedom and democracy in a panel of countries up to 117 over 1970-2014. With a specific focus on the middle-income countries (MICs) which are shown to have been trapped at that level long after their transition from low-income status, this paper hypothesizes that income inequality could be...

The literature has apparently arrived at consensus regarding the positive effects of institutions on growth. Nevertheless, many economists argue that a unified analytical framework of institutions-growth studies is still missing and more research need to be done to fully operationalize the institutional effects in the empirical growth analysis. Thi...

There is a growing literature studying the effects of economic freedom and democracy on income inequality; nevertheless, the inequality-effects of both factors are apparently studied separately. This paper revisits the income inequality-economic freedom nexus and uncovers the role of political regime in explaining the relationship. Using the latest...

Purpose The purpose of this paper is to attest whether generalized trust variable is the best proxy for social capital in explaining the latter’s effect on economic growth in a panel setting. Via a specially formulated theoretical framework, the authors also test whether the growth-effect of social capital is direct or indirect, and if it is indire...

In this paper we revisit the institutions–growth nexus in developing countries including the East Asian region. The region has in the past three decades not only achieved spectacular economic growth, but also experienced one of the worst financial crises, i.e. Asian financial crisis (AFC) in 1997–1998. Utilising the neoclassical growth framework au...

The consensus in growth literature has recognized the significant effects of institutions (including social capital and political institutions) towards economic growth. Utilizing the World Value Survey (WVS)’s trust variable that has often been used to represent social capital, and employing panel data technique which hitherto has been very limited...

Post Keynesian economics is actually macroeconomics in a world of uncertainty and endogenous money. Post Keynesians posit that money supply in a market oriented production economy is endogenous or endogenously determined (rather than exogenous as claimed by Monetarists). Money supply is said to be endogenous if it is determined within the economic...

In recent years the issues of energy consumption and economic development have become the concern of many parties, particularly policy makers. The empirical outcomes of previous studies examining the relationship between energy consumption and economic growth have been inconclusive and conflicting due to different sample periods, variables used, co...

Do institutions spatially affect growth? By employing a neoclassical growth model with institutional controls and augmenting the model with a formal spatial framework, this study finds evidence that institutions has spatial spillover effect on economic growth based on a panel observation from 58 developing countries for the period between 1985-2008...

Numerous empirical studies have documented the evidence of institutional significance towards economic growth. This study extends such evidence as it examines the link between institutions and growth in developing countries including East Asian region. By using neoclassical growth framework augmented with institutional controls and latest estimatio...

Utilizing neoclassical growth framework augmented with institutional controls and latest estimation technique in panel data analysis, this study identifies the crucial institutional qualities in East Asian and other developing countries and uncovers the channel of their effects toward economic growth. Furthermore, it extends the empirical evidence...

To an otherwise extensive literature with yet mixed findings on the long run Purchasing Power Parity (PPP) theory, this paper extends the evidence against the PPP hypothesis in three East Asian economies namely Indonesia, Malaysia, and Thailand based on quarterly data spanning forty years (1968:Q1-2008:Q1). The testing of PPP hypothesis in this stu...

This thesis focuses on the institutions-growth nexus in the developing countries from East Asia, Africa and Latin America. It comprises of three distinct chapters with specific interests. The first chapter investigates unique economic development of the East Asian countries in the past two decades which is, to my knowledge, still lacking empirical...

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: This paper investigates the importance of external factors in the domestic interest rate determination of Malaysia and measures the Malaysian financial market openness and domestic speed of adjustment to changes in foreign factors by capturing the effects of the Asian Financial Crisis in 1997. To achieve the objective, Autoregressive Integrated M...

The study seeks to examine the impact of financial deregulation on the money demand in Malaysia and the implication of altered money demand pattern on the Malaysian monetary conduct. It also attempts to investigate the currency substitution effect as result of the financial market development and integration of domestic market with the rest of the...

The paper investigates the importance of external factors in the domestic interest rate determination process and measures the openness and adjustment speed of Malaysian financial market. It also seeks to capture the effects of the Asian Financial Crisis 1997 (AFC) and the Malaysian government approaches to the crisis onto the process. Ordinary Lea...